Stock market today: On Wednesday, 118 stocks hit their 52-week highs, including Bosch Ltd, Cummins India Ltd, Eicher Motors Ltd, Gujarat Mineral Development Corporation Ltd (GMDC), HBL Engineering Ltd, Indian Bank, JSW Steel Ltd, Maharashtra Scooters Ltd, Manappuram Finance Ltd, Maruti Suzuki India Ltd, and Muthoot Finance Ltd.
In contrast, 53 stocks touched 52-week lows, with notable mentions Affordable Robotic & Automation Ltd, DIC India Ltd, Scarnose International Ltd, and Shree Krishna Infrastructure Ltd.
Indian stock markets continued their upward trend on Wednesday, fueled by optimism about advancements in trade negotiations with the U.S. and increasing expectations for a rate cut by the Federal Reserve next week.
The Nifty 50 increased by 0.42%, reaching 24,973.1, while the BSE Sensex rose by 0.4% to 81,425.15. The 50-stock index has now achieved gains for six consecutive sessions, and the Sensex has risen in five of the past six trading days.
Amongst sectoral indices ending in green were Nifty IT (+2.63%) Nifty PSU Banks (+2.09%) and Nifty Realty (+1.13%), while sectors ending in red were Nifty Auto (-1.28%), Media (-0.64%) and NIFTY Consumer Durables (-0.30%).
U.S. President Donald Trump mentioned on Tuesday that his administration is still engaged in talks to overcome trade obstacles with India and that he plans to speak with Prime Minister Narendra Modi, sparking optimism for a resolution following weeks of tension.
Vaibhav Vidwani, a Research Analyst at Bonanza, stated that positive commentary regarding India’s economic growth, along with a global rating agency increasing the forecast to 6.9%, also boosted sentiment. Market participants are attentively monitoring the upcoming US CPI data, fluctuations in global crude prices, movements in the rupee, and the FOMC meeting on September 16-17 for insights.
Ongoing sector and stock-specific developments are anticipated, particularly within the IT and banking sectors, while any external macroeconomic disruptions or profit-taking ahead of global data releases could heighten volatility.
Nifty 50 Outlook
According toRupak De, Senior Technical Analyst at LKP Securities, Nifty 50 gained more than 100 points to close at 24,979, extending its recovery as the index held above the 21EMA. RSI has given a bullish crossover above 50, supporting the positive momentum. Going ahead, sustaining above 24,820–24,750 may lead the index towards 25,160 and higher levels, while support remains at 24,820–24,750.
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
